Resource Curse:The resource curse refers to the negative consequences that can arise from an abundance of natural resources in a country, such as corruption, economic instability, and inequality.
Dutch Disease: Dutch disease occurs when a country's economy becomes overly reliant on one booming sector (like commodities), leading to neglect of other sectors and potential negative impacts on manufacturing or agriculture.
Terms of Trade: Terms of trade represent the ratio between export prices and import prices. During commodity booms, terms of trade tend to improve for countries exporting those commodities.